Hello,

I am a student of bcom(ecom)-5 n doing a project on the failure of ENRON.
 
Its failure involves many issues like lack implementation of corporate governance , SOXNORMS , Accounting standards ,etc.
 
Hence i would like to  welcome any suggestions from you , as IFRS is also included in it.
 
And i m very happy to read  your mails and i hope i would also be able to join in the discussions later.
 
Yours Sincerely,

Krish
 

Dear Krish ,
Sorry not to be able to be of big help due to lack of information about the Enron case , in case you …

Does anyone have any interest in working on a research project of how IFRS have affected debt covenants in their country?

–
Regards/Saludos
Stephen

Dear Stephen,
 
I would be really glad to help you out with this project. But in my country we still haven’t implemented IFRS framework, we are going to do that on January 1, 2009.

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Dear All
 
I am going to attend a job interview at Deloitte about the position of Audit. My BA and MPhil degree are not relevant to accounting or finance, and I don’t have any background knowledge about audit. I know in the interview you might ask me to give some examples of working in a team or under pressure, and I can handle them. However, I do not have much knowledge about business issues or what exams I will take in the first year. Can anyone tell me how to get …

Dear Elena,
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors. I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO’s). These NGO’s are generally funded by grants both from domestic and international funding agencies which have their own reportorial requirements aside from statutory requirements of state regulatory bodies. To satisfy both “users” ,  the  NGO will need to prepare both  special purpose and general purpose …

I need some help, I just moved to London, and I am looking for a job but I found out that the interviews are very tough. I am from Mexico, I have worked for Citigroup in Madrid over the last three years.
Sometimes I don’t know how to answer the question….How would I describe my skills as Internal Auditor….? and when they ask for situations o examples I am afraid to tell information about Citigroup…!! I am a bit lost….???
I will appreciate if someone tell how should I answer the interview …

Forwarded conversationSubject: [IFRS List] standards for sme's:not for profit organizations ————————
From: ann silvers <annsilvers@yahoo.com>Date: Wed, Nov 28, 2007 at 11:40 AM To: ifrs@ifrslist.com

On 11/27/07, ann silvers <annsilvers@yahoo.com> wrote:

November 27, 2007
 
Dear Elena,
 
I understand that accounting standards for smes are still in the drawing boards after asking for comments and suggestions from different sectors.
 
I am a practising accountant in the Philippines.  My concern is on the issue of not-for-profit organization, which in the Philippine context are also known as non-government organizations (NGO's).
 
These NGO's are generally funded by grants both from domestic and international funding …

Morning All,
Our company incurs a lot of expenses in terms of projects work like traveling. Substance, entertainment allowances etc
We also do incur expense interims of the preliminary expenses like site visits, negotiating meetings.

Are these expenses to be expensed or capitalized as we seems to have a different view of this from IAS 16.
Secondly before we begin any project we are supposed to remit 0.1% of the project cost as a government requirements to Environmental authority . Should such expenses be capitalized as per IAS 16 para 11
…

Dear IFRS List Folks
Hi I am a  Professor of Accounting at The University of Texas at EL Paso. I have been reading the many emails on this list and I wonder if any of you might be willing to tell me how the change to IFRS from their own GAAP has affected Debt covenants?
Thanks and Regards
Stephen

Hi Stephen,
regarding  to your request,  I don´t see any change on Debt covenants after IFRS application in Slovakia.  
However I´m not sure I understand your question correctly.  Could you describe deeper that case ?
I´m from  Slovakia (Midd Europe). We …

hi friends

 
i have a transaction in my company where goods sold and payment received in yr 2005  are now goods being bought back at a lower price. Sales team is insiting to treat it as a new purchase. I am little spectacle as to wheather it should be treated as a sales return or fresh purchase.
 
pls advise in the light of IAS how this should be treated. 
 
Best regards,
Sandeep

 
Dear Sandeep.
Please clarify the situation, why are the goods being bought back, are
these being bought back with the intention of re-selling it etc. I
think that the group would be able …

Hi,
I have just recently starting working in a country that is about to adopt IFRS (2009) and was wondering if anyone had had experience with possible violations to debt covenants during the transition period. I am guessing that clients will have to communicate with their banks about the impact IFRS will have on their outstanding debt and request a document stating that the banks will request the payment on demand in the case of a violation.
I am not sure if clients have realized this potential impact of going to IFRS, but …

Hi,

 
My name is Aashima Tandon. Can anybody tell me what exactly is asset held for sale and negative goodwill? What

Hi there,
sale?

Assets held for sale include assets (or groups of
assets to be disposed of) whose carrying amount will
be recovered principally through a sale transaction
rather than through continuing use.
What would be its treatment?
In accordance with IFRS (IFRS 5), discontinued
operations/assets held for sale are measured
at the lower of their carrying amount or fair value
less costs to sell.
Discontinued operations/assets held for sale are
presented in the financial statements as follows:
• On the balance …

Dear All
 
Please advise your views whether subject item does come under the scope of IAS 23 or IAS 39. The loan facility is repayable in 30 years and interest rate is variable interest rate and we hedge the interest rate by taking interest swap contracts with banks.
 
In case someone needs more facts to get to the bottom of the case, Please let me know.
 
with regards
Ram

Dear Ram,
My first reaction would be IAS 39 and not IAS 23 unless the case is that you want to capitalize these costs as part of …

Dear Sir/ Madaam,
 
Can I ask a complete list or copy of IFRS and IAS? Please send this to my email address.
 
Thank you very much.

Dear Nilo,
Here’s a link with your request,
http://www.ccdg.gov.sg/frs/index.htm
Regards,

YOU CAN GET ALL THE DETAILS FROM www.iasplus.com

Dear Sir,
Is it Financial Reporting Standard the same with IFRS?
I have a friend who wants to converge its financial statements into IFRS and I want to recommend him to take all FRS file.
Thank you very much.
Best regards,
Didik

DEAR SIR,AS A TRAINER AND FACULTY ON IFRS I CAN HELP YOUR FRIEND IN THE CONVERSION WORK
K.KANAGARAJ

Dear …

Dear All,

As someone could let me know when all European entities should comply with the IFRS reporting format.
Up to now we comply with the LuxGaap or USGaap but I heard that we should report next January 2008 in IFRS.
Have you the article who mentioned this transition ?

Thanks and kind regards
Dominique

 
 
Dear Dominique,Per my understanding all EU entities should comply with IFRS in 2007.
See extract below:
“Currently, the EU has adopted all IFRSs, though one aspect of IAS 39
was modified. The modification affects only a small percentage of EU
banks following IFRSs. Also, EU …

Hi,

 
I  want to know more about IFRS, even though our country doesn’t apply it, but I am sure IFRS will be the leader for accounting world. At  first,  I am thinking of getting US CPA license, but I do not think it will be useful after several years.  please let me know if i am correct? and I want to know if i want to get license related to IFRS, can someone tell me what kind if license is related to IFRS?
and please tell me some information for it.
I appreciate it.
 

Sherry

Hi Sherry, as far …

Dear Ermal
 
I think you can find all the standard relevant to your study in following web.
Hope can help you
 
http://www.ccdg.gov.sg/frs/index.htm
 
Thanks and regards,
 
evon

 
hello
i am  a student from albania ,and i am studing accounting in tne economic faculty,in tirana university.
as part of our subjects we are doing ADVANCED ACCOUNTING,mainly speaking for the new international accounting standarts(IAS) and(IFRS) which are going to be practiced in Albania on january 2008.
It would be very kind of you if you give me more information about this standarts in details in order to be more familiar whith them ,or give …

Forwarded conversationSubject: [IFRS List] IFRS 7 disclosures————————
From: Sandeep Cardoza <cardoza_sandeep@yahoo.co.in>Date: Sun, Oct 28, 2007 at 9:04 AM To: ifrs@ifrslist.com

Hello there
 
i am new to the group !!
 
I work for a trading company and was wonder what a re new disclosures need to made to complie with IFRS 7 as we dont not hold any debts on liablity side 
Best regards,
Sandeep Cardoza

Get the freedom to save as many mails as you wish. Click here to know how.
———-From: Jakub Rutkowski <jakub.rutkowski@wp.pl>Date: Mon, Oct 29, 2007 at 1:12 PMTo: ifrs@ifrslist.com

Dear Sandeep,
 
I …

Hi there, I was wondering if anyone could tell me what part of IFRS deals with internal controls.
 
Thanks!

Well, IFRS standards doesn’t deal with internal control they deal with accounting and financial reporting pronouncements.
What exactly are you looking for related to internal control? Are you trying to comply with international standards? Are you involved in a company that has to comply with SOX? or you’re just trying to develop an internal control environment in your company?
 
If you’re more specific there is a lot of information that you can get online
 
There is …

Hello to everybody,
I want to prepare 31.7.2007-31.07.2008 and 31.07.2007-31.07.2006 cash flow statements.
How can I prapare according to the indirect cash flow method? Which issues should I consider?
Thanks for your help.
Evrim

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